Cultivating Innovation and Creativity, Fostering a Culture of Success & Much More
Starting a new business can be challenging, but believing in yourself and your vision is important. Understand that there will be unexpected obstacles along the way, but don’t immediately assume you need to quit or make drastic changes to your original idea. Stay focused and committed, and make small adjustments as needed. Building a community of advisors can provide valuable guidance and keep you grounded. Additionally, writing down your plans and executing them daily will help you stay on track.
To shed more light on this, we got in touch with Scott Finkelstein, Co-Founder & CEO of MyDATA.
Keeping on reading to learn his insights!
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About Scott Finkelstein
He grew up near Manhattan with high aspirations and a fascination for Wall Street. His life took a profound turn when they witnessed the events of September 11th. Despite the challenges, they rebuilt their career and have since become a successful C-level executive known for their strategic vision and executive acumen. He has driven growth, implemented effective go-to-market strategies, built corporate value, and led transformative change. His journey is a testament to resilience and the ability to find meaning and success in adversity.
1. What is the most important advice you would give to someone just starting a new business? And how can they maintain a culture of innovation and creativity within their organization?
In my opinion, it starts with believing in yourself and understanding there will be challenges you did not expect. That is ok. Trust in yourself and your vision. Do not assume you must quit or drastically change your original idea. Just stay focused and committed. Small tweaks are needed, but that is all that is needed 95% of the time, if even that. Build your community of advisors so they can keep you grounded and be your sounding board. Lastly, write your plans down so you can execute daily what it takes.
2. In your opinion, what common mistakes do new entrepreneurs make, and how can they be avoided?
They do not truly believe in themselves and have not planned enough. The first challenge occurs, and they get rattled and tend to lose belief. A written plan on how you will make your idea become a real business will always guide you. Many will tell you That is simple advice, but many start differently. Write your plan down, and create a roadmap. Lastly, make sure you understand the financial side: What income do you need to live while you build? Does your business or other “job’ give you this while you build your new business? Next, what money does your new business need, and how will you diligently budget and monitor spending? Most new businesses never get far because of money.
3. What are some key metrics that companies should track to measure the success of their business?
This is harder to answer as each business is different. YOu need marketing and sales metrics, and it is easy to google that to get an idea. Don’t go overboard. 4-5 are usually what you need. A couple is a performance (lagging) indicators and a few that are predictive indicators.
4. What’s your advice for startups to approach risk management and mitigation in your startup?
Well, risk management can mean so much: customer, financial, business, etc. Again, as I keep saying, have a written plan, have KPIs/OKRs to create your roadmap, and “score” progress daily. Yes, daily! Have advisors you can talk to as a sounding board to help you see what you cannot see.
Starting a new business can be exciting and challenging, but you can increase your chances of success with the right mindset and approach. Believe in yourself and your vision; don’t let challenges deter you. Stay committed, make small adjustments as needed, and rely on a community of advisors for guidance and support.
Overall, this Expert Q&A was refreshing. As much as we enjoyed reading it, we hope you will find it insightful as well.
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